CL Redux

Quote from riskaddict:

wow because I pussed out I just left like $300 sitting on the table. Oh I'll come back in an hour and try again.
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For the first time ever I stuck with the "one big red bar is usually followed by another big red bar" theory, and the big red bar was actually followed by another big red bar. I still can't believe I was in an actual trade and it actually happened. I keep expecting my alarm to go off and I wake up...
 
Quote from NoDoji:

For the first time ever I stuck with the "one big red bar is usually followed by another big red bar" theory, and the big red bar was actually followed by another big red bar. I still can't believe I was in an actual trade and it actually happened. I keep expecting my alarm to go off and I wake up...
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Congrats, Nod, nicely played.

Go girl!
 
This is one of those head scratchers, for sure. Did not post any trades since I only had a fast scalp in crude... As NoD said, I was also0 surprised by that follow through, but unlike her, I had no position on....

Lackluster open, up 509.38 so far, gonna get some bkfast. Good luck everyone!!
 

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how can I learn to "read the tape" if I could improve my entries by 5 or 10 cents every times it would be nuts. I thought when I saw .20 it seemed like it was barely getting there and then boom.
 
NoDoji,

Do you move your stops to b/e after a designated amount of tick in your favor? For ex, once you're up by 10 ticks, then you move your stop to b/e...

Thanks for being such an inspiration.

thanks,

Walter

Quote from NoDoji:

Patterns definitely fail and the patterns I trade can fail often. But the way I get into trades is in the direction of price momentum, so if there isn't the kind of follow through I'm looking for, I will exit very quickly and try again if the setup remains valid. I'm pretty sure that if I left my initial stops and targets in place, I'd have more losses but make more money. But I have trouble with that, mainly because there are enough moves each day that DO have strong follow through, that I'm willing to cut some good trades off in exchange for the comfort of having few and small losses.
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Quote from gov:

This is one of those head scratchers, for sure. Did not post any trades since I only had a fast scalp in crude... As NoD said, I was also0 surprised by that follow through, but unlike her, I had no position on....
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To be fair, I had two really dumb trades leading into that one and was down $290. If I was giving trading lessons this morning, the lesson would've been called, "How To Make Assumptions And Do Exactly The Opposite Of What You're Supposed To Do".

Then I put on another trade and instead of exiting b/e like I always do when there's lack of follow through on a move, I stayed in the trade, watched price come within 5 ticks of another 15-tick loss and came to the conclusion that I'd become defective overnight and possibly shouldn't be trading today. It got worse when I didn't lock in my 20 tick profit because I assumed that if price broke the previous pivot low it would head for the overnight low. So price started back up and I was sure I'd be stopped out b/e when I could've recovered a good part of my losses. But when price started back down off the 20 EMA and a lower high I realized that I was now in a very confirmed short trade and decided to play it as such. Then when the overnight low became resistance I moved my stop to lock in 40 ticks and trailed it all the way down.

As Mark Douglas' said "Anything Can Happen" :cool:

It's taken over 6 months for me to get a move like this.
 
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